The Five Step Model to Solve Problems Essay

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Solving a Problem of Finances

The problem I selected to solve is a finance problem: I am routinely coming up short at the end of each month and need to do something about my finances so that I am no longer short but rather in a position to save at the end of the month.

By using the Five-Step Model in Chapter 3 of Becoming a Master Student by Dave Ellis (2015), it is possible to outline a process for solving the problem I have identified. Indeed, identifying it is the first step. Step 2 is to ask: What are the alternatives? This means to judge what are some other ways in which the situation can be addressed. Step 3 asks: What are the advantages/disadvantages of each alternative, and this means you should weigh the pros and cons of each. Step 4 asks: What is the solution, and this means that you should determine based on the previous assessment which way will solve the problem. Step 5 is to ask: How well is the solution working? -- which means that you have to measure the results and see if the solution implemented is effective.

For my problem, the alternatives are several: first, I could ask for higher wages at my work or for more hours; second, I could cut back on my budget and stop buying things that are not absolutely essential; third, I could move to a new building where my rent is less; fourth, I could apply for a grant from the government; fifth, I could take up part-time work at a second job. The advantage of each of the alternatives is that they would allow me to have more money and thus not be short each month; the disadvantage of the first is that I may have to work longer days which will cut into study time. The disadvantage of the second is that my budget is already very tight.

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The disadvantage of the third is that I would have to move to a less safe neighborhood to find cheaper rent. The disadvantage of the fourth is that I have never applied for a grant and do not know how to write for one. The disadvantage of the fifth is that it cuts into study time.

The solution is to ask for a raise. This will allow me to still have the same amount of study time….....

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